Here are some advantages of joint venture partnerships and how to JV correctly. Joint venture agreements can be profitable. Here are some tricks to increase your business profits.
So what exactly is a joint venture and why does it help?
Firstly you can achieve common goals with other businesses by leveraging existing resources. Everything you need is already available. You don’t need to spend your money to go get it. All JVs do is leverage common goals in a win, win way.
What you need is already available. A lot of small business people think they need to go it alone. But what you need is already out there it is about working together and understanding that together with other businesses you can do amazing things.
The main advantages of joint venture agreements is that you can do your marketing with no list and no money. 20% of large companies like Sony and Pfizer’s income comes from joint ventures
and 50% of that comes from their competition. So joint ventures are nothing new for big business.
But many small business owners – if they understood how to do JVs – could get over the misconceptions that running a business takes a lot of time and money. There is an alternative to building a business the slow hard way and that is to learn how to strike up strategic alliances with other businesses. Another bonus for business owners and a reason to JV is your failure rate will drop dramatically.
Small business has about a 87% failure rate, but if you learn how to deal with JVs you can reduce that dramatically.
The Power Of Working With Your Competition
Scarcity or abundance? Many new business owners are scared to work with their competition but working with others instead of against is the way people with abundance mentality create abundance. There is more than enough business for everybody.
You will find that working with your competition will increase the value you provide to your customers and increase profits.
You can do JVs with no money, no risk, no capital investment and with a fast turn around with 100% income potential. That is among the top advantages of join venture agreements. Typically there is no cost of sales and it is usually done in a very short amount of time. You also have unlimited income potential because you are not trading your time directly for money.
Let’s say you worked as a consultant. Well a consultant only can work so many hours a day. So there is a limit on the income potential.
When your not selling time you can duplicate and leverage. Also your not limited to one particular business ether. To make it even better anyone regardless of age, background, education and immediate start doing business once they know how to joint venture.
Some Of The Most Common Mistakes
Ego can stop you. Joint ventures are all about solving other people’s problems so it doesn’t matter than your number one in the world in something.
Joint ventures are about solving problems. It is about finding businesses who want to be somewhere and building a bridge to helping them get there. Helping other businesses owners to remove the pain in their lives. And then you are like a tollgate on the bridge and you collect a piece of the action.
Joint ventures are typically commission based so there is no need to worry about getting in a situation where you are over extending yourself.
An Example Of A Joint Venture
There is a story of a chiropractor turned who turned a joint venture in the in the mulch market into $300,000 in the first year.
What he lived in a national forest area and he discovered that pine needles that fell from trees was very good for fertilizer. So he struck a deal with a trucking firm to put up the needles for him for a shared percentage of the revenue. Then he struck up another real with a person who owned an old used car lot that was empty to let him use it as storage for a percentage of the revenue he would make.
Then he went to the national part services and under bid their current fertilizer supplier and sold his needles for a good chunk of change. It is an example of how thinking outside the box can make you some real money.
How To Join Venture & Experience The Advantages Of Join Venture Agreements
Find people with related products or services and find out what they need. Then fulfill that need in exchange for them promoting your product to their customer database for a percentage of the revenue.
If you want to sell more products you need traffic. The fastest way to drive traffic is not to generate it yourself but to get it from people who have it. So go to people who have the traffic and strike a deal. But here are some key points to remember.
The person who controls the traffic is the person with all authority
It has to be a good fit for them. It is important to understand that it is not a hobby for them. It is their life. It is their livelihood. You need to make sure you are professional and you have a
professional system that works. It needs to be organized because other people want to promote companies that are professional and reliable.
Everybody has a price
While they might so no initially you want to provide more and more and more until it becomes a good offer. If someone said no it is simply because your offer is not good enough (your price
was too low or you are not providing enough value). If that is the case you want to offer more than everyone else is offering but make sure you can afford to pay the price (don’t need to do %400) commission. You can simply provide value to them in by helping them solve their needs.
For example you could create some content for them for their membership site. Anything really. It is about finding what they want and then giving it to them. If you do create content for other people get shared ownership so you can put it in your membership site.
Develop A Relationship
The best way to JV is to have a relationship or develop a relationship with other individuals or companies in the market. Leave comments on their blog, send them a message on twitter, buy their product or even try to get an interview with them. You can contact them through support with questions and continue to deepen the relationship.
The goal with the relationship is to make it so that at least see your JV request. And even deeper people are more likely to work with people they know, like and trust. So these are goals as well. But if you do not already know the company or people you want to JV with the real step is to try to develop a relationship at least a bit so you can get them to open and consider your JV request before it gets filtered away.
Negotiating Joint Ventures Partnerships & Business Joint Venture Secrets
He Who Owns The Traffic Owns Has The Power
The first step is to understand whoever holds the traffic is who holds the power. Potential JVs include…
1. People who have Clickbank products
2. PPC experts
3. People who own places where people are or tools they use
The truth is they don’t need to send traffic to your product. Why? There are products similar to yours that they could promote and it is very important to understand. Also, they would make
more promoting their own products so what can you do to get them to promote your products?
Typically they expect something in return (doesn’t need to be a reciprocal mailing). All you need to do is make it worth their time to promote your product and they will.
The truth is people with bigger lists or bigger influence want more than people with smaller influence. Their list (or traffic) is their livelihood and they are protective of their assets.
Try to build a relationship if possible. It’s always easier to land a JV if you have a relationship. If you can develop a relationship your chances to get them to promote increases.
But don’t make people think your creating a friendship just to get them to promote for you. Leave a string of positive comments on their blog or buy their products to get the foot in the door.
Tips For JV Requests
Make it personal and tailor your message. When you make a request tailor the message to them. Use specific examples from their business to personalize your message.
Promote for people without asking for them to promote for you. This can help you get on their radar and it is long term thinking.
Do things for them first if you can. Simply contact someone you would like to do a JV with and ask to help.
Explain what’s in it for them. When your negotiating joint ventures partnerships be very clear about what they will get if they promote.
Offer special discounts. If you allow them to sell your product at a discounted price they will be more likely to promote your product since they can position it as a special deal.
If they say no don’t burn the relationship. If you have developed a relationship with a business and they say no to a JV request don’t ruin the relationship. Maybe it’s just not the right time for them and they can do it later. A no doesn’t mean no forever.
Don’t expect them to do you a favour. A joint venture agreement should be beneficial to all parties involved.
Value people’s time. Don’t waste people’s time. Not only is it rude but it will hurt your chances of future opportunities of negotiating joint ventures partnerships.
Try to find their price or their hot buttons. Find out how you can give value.
A lot of times you can create content for them to give to their members. This can help a busy product owner a great deal. If you decide to give value in the form of content also get shared
rights to it so you can re-purpose that value. The key is to do enough to get them to say yes without having to do more than you bargain.
It is critical to understand that when someone said no it’s just because you didn’t offer enough. So you need to ask yourself “What could you offer that would make someone say yes?”
Integration Marketing Strategy & Small Integration Marketing
This integration marketing strategy has huge results. Make these small integration marketing changes and see your business profits grow! Take a look at these techniques for accelerated growth.
First off, what is “Integration Marketing?”
Integration marketing is a term coined by Mark Joyner, internet marketing pioneer, and it basically means integrating your sales processes in to other people’s sales processes.
Definition of integration marketing taken from “Integration Marketing” by Mark Joyner. The integration of a “Unit of Marketing Value” (a brand message, an offer, a sale, a store, anything that adds marketing impact to your business) into an existing “Integration Point” (inside a “Traffic Stream” or “Transaction Stream”).
For those of us who don’t have a PHd in “unnecessarily complicated talk” that basically means getting your money-making stuff, like sales offers or lead generation, in other businesses’ sales
or customer flow.
Here is an example
Let’s say you sign up to a related business’ newsletter and their confirmation page just said “Thank you for subscribing.” If you were to get your ad on their thank you page that would be an example of a small integration marketing strategy. You might see this type of marketing in different ways, which I will give some profitable examples of later on.
Here is another example of integration marketing to make concept crystal clear.
Have you ever downloaded a program and they ask you… “Would You Like To Download The Mega Spyware Blaster 2000 As Well?” This is another example of one business integrating their
sales process into another’s. What they have done is come to a mutually beneficial agreement, usually based on a revenue sharing agreement, where one company gives another commissions for sales they refer. Now that we know what integration marketing is let’s jump into some technique you can use to increase your profits.
Thank You Page Swaps
This is where when you trade virtual real estate with another person or persons typically on a eNewsletter confirmation page or download page.
You can put someone else’s ad on your thank you pages in exchange for them doing the same for you or you can seek out people who have “dead real estate”, thank you pages with no ads on them, and offer them a percentage of every sale they generate by placing your add on their page. This typically increases their revenue so if you have a compelling offer many people are willing to put your ad on their thank you pages.
Auto Responder Swaps
This is where you put a message or two in your auto responder sequence in exchange for a partner doing the same for you. So whenever someone signs up for your eNewsletter you have a message or two promoting their sign up page and they have the same in their auto responder sequence. This integration marketing strategy makes it so when your mailing list grows so does your partner’s and vise versa.
Cross Sell At Point Of Sale
“Would you like to buy some more?” That’s what you’re asking with this technique!
When someone buys something from you online are they sent directly to their download page? If so you are losing a lot of money. Ideally you want to have an upsell after someone buys from you. You want to give them a chance to buy a higher priced closely related product. If you don’t have another product you can refer them to an affiliated product. You can also find people who don’t have an upsell and get them to use your product as their upsell for an affiliate commission. It’s a win-win integration marketing strategy.
Advertisement On Websites
This technique involves putting your ad on related websites. To get extra cash from this technique you should seek out related websites and ask if they will put your banners on their website in exchange for a commission. You can also do the opposite and find people who are willing to advertise on your website.
Are there any local business that offer related services? Print out some flyers and give them to your local business to hand out with their sales. Just make sure you track the sales they refer and give them a commission based reward.